New SBI service charges to roll-out from October 1

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SBI has reduced the minimum average monthly balance requirement for urban centers from Rs 5,000 to Rs 3,000.

Mumbai:

The State Bank of India will revise service charges for deposits and withdrawal on October 1 which will encompass cash withdrawal, average monthly balance, deposits and withdrawals and will affect scores of customers in many ways.

On maintenance of average monthly balance (AMB), starting October 1, SBI has reduced the minimum average monthly balance requirement for urban centers from Rs 5,000 to Rs 3,000.

Under the revised rules, if someone does not maintain Rs 3,000 as average monthly balance and falls short by 50 per cent (that is Rs 1,500) the individual will be charged Rs 10 plus GST.

If the account holder falls short by more than 75 percent, it will invite a fine of Rs 15 plus GST.

In semi-urban branches, SBI account holder needs to maintain an average monthly balance of Rs 2,000. In rural branches, the minimum average monthly balance will be Rs 1,000.

If the shortfall is less than 50 per cent for semi-urban branches, then the extra charge will be Rs 7.50 plus GST. For between 50-75 per cent, the fine is Rs 10 plus GST and for above 75 per cent shortfall, the charge will be Rs 12 plus GST.

In case of AMB of Rs 1,000 at rural branches, a shortfall of less than 50 per cent , charges are Rs 5 plus GST. For shortfall of over 50 per cent up to 75 per cent, the fees will be Rs 7.50 plus GST, while shortfall over 75 percent will attaract fine of Rs 10 + GST.

National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) charges are also set to change.

While NEFT and RTGS transactions through digital means are free, fees are imposed at branches.

As per the new charges on Deposits and Withdrawals, cash deposits in savings account will be free for up to 3 transactions in a month. After that, the account holder will be charged Rs 50 plus GST for every transaction.

The maximum limit for deposit of cash at non-home branch is Rs 2 lakh per day. Thereafter, the non-home branch manager gets to decide if the bank can accept more cash.

Meanwhile, account holders with an average monthly balance of Rs 25,000 can perform free cash withdrawal twice a month. Those with average monthly balances between Rs 25,000 to Rs 50,000 can avail 10 free cash withdrawala. Charges for transactions beyond the free limit are Rs 50 plus GST.

For above Rs 50,000 up to 1,00,000, the charges are Rs 15 plus GST, while those above Rs 1,00,000 have unlimited transactions.